Medical Terminology Software Market

Medical Terminology Software Market by Application (Data Aggregation, Reimbursement, Data Integration, Clinical Trials), Products & Services (Services, Platforms), End User (Healthcare Providers, Healthcare Payers, IT Vendors) - Global Forecast to 2027

Report Code: HIT 6988 Jul, 2022, by marketsandmarkets.com

[124 Pages Report] The global medical terminology software market is projected to reach USD 2.5 billion by 2027 from an estimated USD 1.0 billion in 2022, at a CAGR of 19.3% during the forecast period. The key factors propelling the growth of the global medical terminology software market are growing government initiatives to support HCIT solutions such as medical terminology software, growing focus to rectify the medical errors. On the other hand, reluctance to use medical terminology solutions is challenging the growth of the global medical terminology software market to a certain extent.

Medical Terminology Software Market

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Medical terminology software Market Dynamics

Drivers: Disparity & fragmentation in the terminology content of healthcare organizations

Currently, healthcare ecosystems are quite fragmented in terms of content and infrastructure. A health delivery organization may manage 40 or more separate IT systems, with each system having its own clinical terminology content and infrastructure. These terminology silos make it difficult for organizations to leverage isolated clinical data, which impacts downstream activities such as data analytics. The problem further intensifies when a health system seeks to share data with other healthcare partners. In that scenario, the relevant data resides in numerous isolated systems scattered across multiple healthcare organizations. The lack of a common clinical vocabulary across a magnitude of standalone systems is a key obstacle to national efforts to increase interoperability, transparency, and collaboration within the healthcare system.

Enterprise terminology management, however, aims to help healthcare organizations overcome the interoperability issues associated with multiple, incompatible medical terminologies. Enterprise terminology management lets healthcare organizations adopt a single, integrated, and trusted source of terminology set across an enterprise. Also, a clean, normalized data model ensures departmental systems rely on approved and up-to-date terminologies, maps, and value sets. Normalization also facilitates data exchange across organizations.

Restraints: Interoperability issues

The healthcare industry is highly information-intensive, wherein patient information is generated in all departments at all points of care within a healthcare organization. However, this information can be unusable if not integrated properly to create an exhaustive and accurate patient record. Since a number of healthcare IT tools are used within healthcare systems, there is a greater need to integrate IT systems to aid with accurate decision-making by healthcare professionals at different points of care. Moreover, the lack of interoperability of health organizations with a regional or national health IT platform for exchanging data hinders the full exploitation of healthcare IT solutions.

The increasing development of new medical apps and health information exchange solutions from consumer technology companies presents difficulties in integrating older available solutions. Many healthcare organizations have already invested in various information management systems and medical devices from different vendors, which have their own makes and models. As healthcare organizations are increasingly adopting various healthcare IT systems, there is a greater need for integrating different information technology systems into the IT architecture of an organization to ensure their optimal utilization. As a result, the successful integration of healthcare IT systems with other systems is a major area of focus for IT infrastructure development projects.

Opportunities: Increasing need to maintain data integrity

Healthcare institutions have a growing need for solutions that fully utilize clinical data from within and outside the EHR system. Clean, accurate data is fundamental to maintaining the integrity of information shared across the healthcare industry. However, hospitals face several difficulties in keeping up with the changes in requirements, coding, and the exchange of patient records across different healthcare providers. Currently, the exchange of EHR data from within the healthcare ecosystem does not work as implemented, and incorporating external data is sub-optimal. Without solutions to properly standardize, organize, clean, and maintain clinical data, granularity is lost during the exchange of information, usually due to human or machine readability errors. The existing environment of cluttered data within EHRs raises concerns about data validity and trust, making it challenging for EHR system users to make sense of the existing disorganized data.

The leading providers of medical terminology content and services (in an effort to support clinical workflows in hospitals and medical offices) have recognized the importance of developing solutions that support coding information across the healthcare industry. These companies are trying to tap this opportunity to help healthcare providers leverage high-quality health information quickly and easily to improve patient care.

Challenge: Reluctance to use medical terminology solutions over conventional practices

Although the adoption of medical terminology solutions is gradually increasing, several healthcare providers are still reluctant to use these solutions over conventional practices. This can be attributed to the lack of IT knowledge among healthcare providers. For instance, physicians and practice managers are well-adapted to complicated groups of spreadsheets and have experience in searching codes across multiple sources. These personnel are thus reluctant to switch from conventional methods to automated terminology standardization. Also, several healthcare organizations that are willing to switch to automated terminology management either lack adequate consensus between the staff or do not have the required resources to support the extra cost burden. Similarly, physicians and other staff require sufficient technical knowledge and skills to enter patient medical information, notes, and prescriptions into EMRs.

In the rural areas across the world, factors such as lower internet penetration and a shortage of experts for providing technical assistance further exacerbate the situation, thereby affecting the uptake of clinical workflow solutions by healthcare organizations.

“ Quality reporting to register highest growth in the application segment of medical terminology software market in 2021”

On the basis of application, the quality reporting segment to register highest growth. The high growth of this segment can be attributed to the government initiatives in various countries are implementing several regulations to encourage the adoption of quality reporting.

“Healthcare service providers is the largest and fastest growing end user segment by healthcare providers in the medical terminology software market in 2021”

Based on end user, the healthcare providers segment accounted for the largest share and highest growth rate in the medical terminology software market during the forecast period. The large share & high growth of this segment can be attributed to the growing HCIT adoption, increasing focus on patient safety, significant growth in healthcare spending, rising medical error rates, increasing healthcare costs, the shift of risk from payers to providers, and government mandates to follow quality measures.

“North America accounted for the largest share of the medical terminology software market during the forecast period.”

North America holds the largest share of the medical terminology software in 2021. Growth in the North American medical terminology software market can be attributed to factors such as high adoption rate of HCIT adoption, regulatory requirements regarding patient safety, presence of leading market players in the region.

Medical Terminology Software Market by Region

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Key Market Players

The products and services market is dominated by a few globally established players such as Wolters Kluwer N.V. (Netherlands), 3M (US), Intelligent Medical Objects, Inc. (US), Apelon, Inc. (US), Clinical Architecture, LLC (US), CareCom (Denmark), BiTAC (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), and HiveWorx (Ireland).

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Scope of the Report

Report Metric

Details

Market size available for years

2020–2027

Base year considered

2021

Forecast period

2022–2027

Forecast units

Million/Billion (USD)

Segments covered

Product & Service, Application, End user, and region.

Geographies covered

North America, Europe, Asia Pacific, Latin America, and Middle East and Africa

Companies covered

Wolters Kluwer N.V. (Netherlands), 3M (US), Intelligent Medical Objects, Inc. (US), Apelon, Inc. (US), Clinical Architecture, LLC (US), CareCom (Denmark), BiTAC (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), and HiveWorx (Ireland)

The study categorizes the medical terminology software market based on product & services, application, end user at regional and global level.

Medical terminology software Market, By Application

  • Introduction
  • Data Aggregation
  • Reimbursement
  • Public Health Surveillance
  • Data Integration
  • Decision Support
  • Clinical Trials
  • Quality Reporting
  • Clinical Guidelines

Medical terminology software Market, By Product & Service

  • Introduction
  • Services
  • Platforms

Medical terminology software Market, By End User

  • Introduction
  • Healthcare Providers
    • Healthcare Service Providers
    • Health Information Exchanges
  • Healthcare Payers
    • Private Payers
    • Public Payers
  • Healthcare IT Vendors
  • Others

Global Medical terminology software Market, by Region

  • North America
  • US
  • Canada
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Recent Developments

  • In March 2022, Thomas H. Lee Partners, L.P. entered into an agreement to acquire Intelligent Medical Objects for ~USD 1.5 billion to support IMO’s product development and expand commercial relationships with hospitals and other healthcare providers.
  • In January 2021, Wolters Kluwer partnered with Henry Schein to integrate Henry Schein MicroMD, a practice management and electronic medical record (EMR) solution, with Health Language Clinical Interface Terminology (CIT) to quickly map over a million medical abbreviations, typos, incomplete terms, and acronyms so as to standardize terminology.
  • In December 2020, CareCom and J2 Interactive entered into a strategic partnership to launch a new offering, J2 Managed Terminology, that delivers cloud-hosted, best-of-breed clinical terminology services to provider networks, payers, health information exchanges, and software vendors serving the healthcare industry.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 14)
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 MARKET SCOPE
          FIGURE 1 MEDICAL TERMINOLOGY SOFTWARE MARKET SEGMENTATION
          FIGURE 2 REGIONAL SEGMENTS COVERED
    1.4 YEARS CONSIDERED
    1.5 CURRENCY
          TABLE 1 STANDARD CURRENCY CONVERSION RATES
    1.6 LIMITATIONS
    1.7 STAKEHOLDERS
    1.8 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 18)
    2.1 RESEARCH DATA
          FIGURE 3 RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 Key industry insights
                                FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS (SUPPLY SIDE): BY COMPANY TYPE, DESIGNATION, AND REGION
                                FIGURE 5 BREAKDOWN OF PRIMARY INTERVIEWS (DEMAND SIDE): BY END USER, DESIGNATION, AND REGION
    2.2 MARKET SIZE ESTIMATION
          FIGURE 6 MARKET SIZE ESTIMATION: REVENUE SHARE ANALYSIS
          FIGURE 7 TOP-DOWN APPROACH
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
          FIGURE 8 DATA TRIANGULATION METHODOLOGY
    2.4 ASSUMPTIONS

3 EXECUTIVE SUMMARY (Page No. - 26)
    FIGURE 9 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION,  2022 VS. 2027 (USD MILLION)
    FIGURE 10 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY PRODUCT & SERVICE,  2022 VS. 2027 (USD MILLION)
    FIGURE 11 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY END USER,  2022 VS. 2027 (USD MILLION)
    FIGURE 12 GEOGRAPHICAL SNAPSHOT OF THE MEDICAL  TERMINOLOGY SOFTWARE MARKET

4 PREMIUM INSIGHTS (Page No. - 30)
    4.1 MEDICAL TERMINOLOGY SOFTWARE MARKET OVERVIEW
          FIGURE 13 RISING FOCUS ON MINIMIZING MEDICAL ERRORS TO DRIVE GROWTH IN THE MEDICAL TERMINOLOGY SOFTWARE MARKET
    4.2 ASIA PACIFIC: MEDICAL TERMINOLOGY SOFTWARE MARKET,  BY PRODUCT & SERVICE AND END USER (2021)
          FIGURE 14 MEDICAL TERMINOLOGY SERVICES ACCOUNTED FOR THE LARGEST SHARE OF THE ASIA PACIFIC MEDICAL TERMINOLOGY SOFTWARE MARKET IN 2021
    4.3 MEDICAL TERMINOLOGY SOFTWARE MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES
          FIGURE 15 ASIA PACIFIC TO REGISTER THE HIGHEST GROWTH IN THE MEDICAL TERMINOLOGY SOFTWARE MARKET DURING THE FORECAST PERIOD
    4.4 REGIONAL MIX: MEDICAL TERMINOLOGY SOFTWARE MARKET (2020–2027)
          FIGURE 16 NORTH AMERICA TO CONTINUE TO DOMINATE THE MEDICAL TERMINOLOGY SOFTWARE MARKET IN 2027

5 MARKET OVERVIEW (Page No. - 34)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
          FIGURE 17 MEDICAL TERMINOLOGY SOFTWARE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
          TABLE 2 MARKET DYNAMICS: IMPACT ANALYSIS
           5.2.1 DRIVERS
                    5.2.1.1 Rising focus on minimizing medical errors
                    5.2.1.2 Government initiatives for HCIT adoption
                    5.2.1.3 Disparity and fragmentation in the terminology content of healthcare organizations
           5.2.2 RESTRAINTS
                    5.2.2.1 IT infrastructural constraints in developing countries
                    5.2.2.2 Interoperability issues
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Emerging markets
                    5.2.3.2 Increasing need to maintain data integrity
           5.2.4 CHALLENGES
                    5.2.4.1 Reluctance to use terminology solutions over conventional practices

6 INDUSTRY INSIGHTS (Page No. - 40)
    6.1 INDUSTRY TRENDS
           6.1.1 INCREASING PREFERENCE FOR CLOUD-BASED SOLUTIONS
           6.1.2 INTRODUCTION TO ICD-11 GUIDELINES
           6.1.3 GROWING TREND OF SEMANTIC INTEROPERABILITY
    6.2 REVENUE STREAM MODELS
          FIGURE 18 MEDICAL TERMINOLOGY SOFTWARE MARKET: REVENUE STREAM
    6.3 REGULATORY ANALYSIS
    6.4 TERMINOLOGY STANDARDS
    6.5 FAST HEALTHCARE INTEROPERABILITY RESOURCES (FHIR)

7 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION (Page No. - 45)
    7.1 INTRODUCTION
          TABLE 3 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION,  2020–2027 (USD MILLION)
    7.2 DATA AGGREGATION
           7.2.1 WITHOUT A COMMON TERMINOLOGY FOR AGGREGATING PATIENT DATA, THE POTENTIAL FOR MEDICAL ERRORS CAN INCREASE—A KEY FACTOR DRIVING MARKET GROWTH
                    TABLE 4 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR DATA AGGREGATION APPLICATIONS, BY REGION, 2020–2027
    7.3 REIMBURSEMENT
           7.3.1 TERMINOLOGY SOLUTIONS PLAY AN IMPORTANT ROLE IN ENSURING APPROPRIATE REIMBURSEMENT FOR HEALTHCARE SERVICES RENDERED
                    TABLE 5 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR REIMBURSEMENT APPLICATIONS,  BY REGION, 2020–2027 (USD MILLION)
    7.4 PUBLIC HEALTH SURVEILLANCE
           7.4.1 POPULATION-BASED ANALYTICS INCLUDES THOSE INVESTIGATIONS THAT BENEFIT THE ENTIRE POPULATION, INCLUDING PUBLIC HEALTH SURVEILLANCE
                    TABLE 6 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR PUBLIC HEALTH SURVEILLANCE APPLICATIONS, BY REGION, 2020–2027 (USD MILLION)
    7.5 DATA INTEGRATION
           7.5.1 TERMINOLOGY SOLUTIONS CAN UNIFY, CLEAN, AND NORMALIZE THE DATA COLLECTED FROM MULTIPLE DATA SOURCES
                    TABLE 7 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR DATA INTEGRATION APPLICATIONS,  BY REGION, 2020–2027 (USD MILLION)
    7.6 DECISION SUPPORT
           7.6.1 INCORPORATION OF STANDARDIZED TERMINOLOGY IN CDSS WILL HELP FACILITATE THE COMPARABILITY OF MEDICAL DATA
                    TABLE 8 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR DECISION SUPPORT APPLICATIONS,  BY REGION, 2020–2027 (USD MILLION)
    7.7 CLINICAL TRIALS
           7.7.1 USE OF CONSISTENT TERMINOLOGY WITHIN AND BETWEEN STUDIES IS CRITICAL TO CLINICAL TRIAL PROCESSES
                    TABLE 9 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR CLINICAL TRIAL APPLICATIONS,  BY REGION, 2020–2027 (USD MILLION)
    7.8 QUALITY REPORTING
           7.8.1 GOVERNMENTS ACROSS VARIOUS COUNTRIES ARE IMPLEMENTING A NUMBER OF REGULATIONS TO ENCOURAGE THE ADOPTION OF QUALITY REPORTING
                    TABLE 10 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR QUALITY REPORTING APPLICATIONS, BY REGION, 2020–2027 (USD MILLION)
    7.9 CLINICAL GUIDELINES
           7.9.1 IMPLEMENTATION OF GUIDELINES HELPS ORGANIZE AND PROVIDE THE BEST AVAILABLE EVIDENCE TO SUPPORT CLINICAL DECISION-MAKING
                    TABLE 11 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR CLINICAL GUIDELINE APPLICATIONS, BY REGION, 2020–2027 (USD MILLION)

8 MEDICAL TERMINOLOGY SOFTWARE MARKET,  BY PRODUCT & SERVICE (Page No. - 55)
    8.1 INTRODUCTION
          TABLE 12 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY PRODUCT & SERVICE,  2020–2027 (USD MILLION)
    8.2 SERVICES
           8.2.1 SERVICES CONTRIBUTE AN IMPORTANT SHARE TO THE MARKET DUE TO THEIR ABILITY TO BRIDGE GAPS IN THE STANDARDIZATION OF DATA FROM VARIOUS SOURCES
                    TABLE 13 MEDICAL TERMINOLOGY SERVICES MARKET, BY REGION, 2020–2027 (USD MILLION)
    8.3 PLATFORMS
           8.3.1 PLATFORMS PROVIDE A SINGLE SOURCE FOR ALL  TERMINOLOGY NEEDS
                    TABLE 14 MEDICAL TERMINOLOGY PLATFORMS MARKET, BY REGION, 2020–2027 (USD MILLION)

9 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY END USER (Page No. - 59)
    9.1 INTRODUCTION
          TABLE 15 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY END USER, 2020–2027 (USD MILLION)
    9.2 HEALTHCARE PROVIDERS
          FIGURE 19 US: HOSPITAL EHR ADOPTION (2007–2018)
          TABLE 16 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PROVIDERS,  BY TYPE, 2020–2027 (USD MILLION)
          TABLE 17 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PROVIDERS, BY REGION, 2020–2027 (USD MILLION)
           9.2.1 HEALTHCARE SERVICE PROVIDERS
                    9.2.1.1 Need to capture and document large amounts of data in healthcare organizations—a key driver for market growth
                                TABLE 18 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE SERVICE PROVIDERS,  BY REGION, 2020–2027 (USD MILLION)
           9.2.2 HEALTH INFORMATION EXCHANGES
                    9.2.2.1 HIEs provide healthcare professionals and patients with electronic access to therapeutic data when and where they require it
                                TABLE 19 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTH INFORMATION EXCHANGES,  BY REGION, 2020–2027 (USD MILLION)
    9.3 HEALTHCARE PAYERS
          TABLE 20 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PAYERS, BY TYPE,  2020–2027 (USD MILLION)
          TABLE 21 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PAYERS, BY REGION,  2020–2027 (USD MILLION)
           9.3.1 PRIVATE PAYERS
                    9.3.1.1 Terminology management solutions provide private payers with the data needed to leverage competitive agreements during provider contract negotiations
                                TABLE 22 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR PRIVATE PAYERS, BY REGION,  2020–2027 (USD MILLION)
           9.3.2 PUBLIC PAYERS
                    9.3.2.1 Increasing government initiatives to improve healthcare coverage and quality of care are driving the adoption of terminology solutions among public payers
                                TABLE 23 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR PUBLIC PAYERS, BY REGION,  2020–2027 (USD MILLION)
    9.4 HEALTHCARE IT VENDORS
           9.4.1 MEDICAL TERMINOLOGY IMPLEMENTATION PROVIDES VARIOUS BENEFITS TO HEALTHCARE IT VENDORS
                    TABLE 24 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE IT VENDORS, BY REGION, 2020–2027 (USD MILLION)
    9.5 OTHER END USERS
           TABLE 25 MEDICAL TERMINOLOGY SOFTWARE MARKET FOR OTHER END USERS, BY REGION, 2020–2027 (USD MILLION)

10 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY REGION (Page No. - 70)
     10.1 INTRODUCTION
             TABLE 26 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY REGION, 2020–2027 (USD MILLION)
     10.2 NORTH AMERICA
             FIGURE 20 NORTH AMERICA: MEDICAL TERMINOLOGY SOFTWARE MARKET SNAPSHOT
             TABLE 27 NORTH AMERICA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY COUNTRY,  2020–2027 (USD MILLION)
             TABLE 28 NORTH AMERICA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION,  2020–2027 (USD MILLION)
             TABLE 29 NORTH AMERICA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY PRODUCT  & SERVICE, 2020–2027 (USD MILLION)
             TABLE 30 NORTH AMERICA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY END USER,  2020–2027 (USD MILLION)
             TABLE 31 NORTH AMERICA: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PROVIDERS, BY TYPE, 2020–2027 (USD MILLION)
             TABLE 32 NORTH AMERICA: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PAYERS, BY TYPE, 2020–2027 (USD MILLION)
             10.2.1 US
                        10.2.1.1 Presence of major market players in the US makes it the largest market for medical terminology solutions
                                      TABLE 33 US: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION,  2020–2027 (USD MILLION)
                                      TABLE 34 US: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY PRODUCT & SERVICE,  2020–2027 (USD MILLION)
                                      TABLE 35 US: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY END USER,  2020–2027 (USD MILLION)
                                      TABLE 36 US: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PROVIDERS, BY TYPE, 2020–2027 (USD MILLION)
                                      TABLE 37 US: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PAYERS, BY TYPE, 2020–2027 (USD MILLION)
             10.2.2 CANADA
                        10.2.2.1 Canada is projected to register the highest CAGR during the forecast period
                                      TABLE 38 CANADA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION,  2020–2027 (USD MILLION)
                                      TABLE 39 CANADA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY PRODUCT & SERVICE,  2020–2027 (USD MILLION)
                                      TABLE 40 CANADA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY END USER,  2020–2027 (USD MILLION)
                                      TABLE 41 CANADA: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PROVIDERS,  BY TYPE, 2020–2027 (USD MILLION)
                                      TABLE 42 CANADA: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PAYERS,  BY TYPE, 2020–2027 (USD MILLION)
     10.3 EUROPE
             10.3.1 GROWING IMPLEMENTATION OF VARIOUS EHEALTH INITIATIVES MAKES EUROPE A LUCRATIVE MARKET FOR MEDICAL TERMINOLOGY SOLUTIONS
                        TABLE 43 EUROPE: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION,  2020–2027 (USD MILLION)
                        TABLE 44 EUROPE: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY PRODUCT & SERVICE,  2020–2027 (USD MILLION)
                        TABLE 45 EUROPE: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY END USER,  2020–2027 (USD MILLION)
                        TABLE 46 EUROPE: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PROVIDERS,  BY TYPE, 2020–2027 (USD MILLION)
                        TABLE 47 EUROPE: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PAYERS,  BY TYPE, 2020–2027 (USD MILLION)
     10.4 ASIA PACIFIC
             10.4.1 IMPROVING HEALTHCARE INFRASTRUCTURE IN SEVERAL APAC COUNTRIES DRIVES GROWTH IN THIS REGIONAL SEGMENT
FIGURE 21 ASIA PACIFIC: MEDICAL TERMINOLOGY SOFTWARE MARKET SNAPSHOT
                        TABLE 48 ASIA PACIFIC: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION,  2020–2027 (USD MILLION)
                        TABLE 49 ASIA PACIFIC: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY PRODUCT & SERVICE, 2020–2027 (USD MILLION)
                        TABLE 50 ASIA PACIFIC: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY END USER,  2020–2027 (USD MILLION)
                        TABLE 51 ASIA PACIFIC: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PROVIDERS, BY TYPE, 2020–2027 (USD MILLION)
                        TABLE 52 ASIA PACIFIC: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PAYERS, BY TYPE, 2020–2027 (USD MILLION)
     10.5 LATIN AMERICA
             10.5.1 FAVORABLE GOVERNMENT INITIATIVES IN SEVERAL LATIN AMERICAN COUNTRIES PROMOTE THE ADOPTION OF MEDICAL TERMINOLOGY SOLUTIONS
                        TABLE 53 LATIN AMERICA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION,  2020–2027 (USD MILLION)
                        TABLE 54 LATIN AMERICA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY PRODUCT & SERVICE, 2020–2027 (USD MILLION)
                        TABLE 55 LATIN AMERICA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY END USER,  2020–2027 (USD MILLION)
                        TABLE 56 LATIN AMERICA: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PROVIDERS, BY TYPE, 2020–2027 (USD MILLION)
                        TABLE 57 LATIN AMERICA: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PAYERS, BY TYPE, 2020–2027 (USD MILLION)
     10.6 MIDDLE EAST & AFRICA
             10.6.1 MIDDLE EASTERN COUNTRIES ARE INVESTING IN EHRS TO SUPPORT THE MANAGEMENT OF DATA AND IMPROVE THE QUALITY AND EFFICIENCY OF CARE DELIVERY
                        TABLE 58 MIDDLE EAST & AFRICA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
                        TABLE 59 MIDDLE EAST & AFRICA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY PRODUCT  & SERVICE, 2020–2027 (USD MILLION)
                        TABLE 60 MIDDLE EAST & AFRICA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY END USER,  2020–2027 (USD MILLION)
                        TABLE 61 MIDDLE EAST & AFRICA: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PROVIDERS, BY TYPE, 2020–2027 (USD MILLION)
                        TABLE 62 MIDDLE EAST & AFRICA: MEDICAL TERMINOLOGY SOFTWARE MARKET FOR HEALTHCARE PAYERS, BY TYPE, 2020–2027 (USD MILLION)

11 COMPETITIVE LANDSCAPE (Page No. - 93)
     11.1 OVERVIEW
             FIGURE 22 KEY GROWTH STRATEGIES ADOPTED BETWEEN JANUARY 2019 AND JUNE 2022
     11.2 RANKING OF KEY PLAYERS, 2021
             FIGURE 23 INTELLIGENT MEDICAL OBJECTS, INC. DOMINATED THE MEDICAL TERMINOLOGY SOFTWARE MARKET IN 2021
     11.3 COMPANY EVALUATION MATRIX
             11.3.1 STARS
             11.3.2 EMERGING LEADERS
             11.3.3 PERVASIVE PLAYERS
             11.3.4 PARTICIPANTS
                       FIGURE 24 MEDICAL TERMINOLOGY SOFTWARE MARKET:  COMPETITIVE LEADERSHIP MAPPING, 2022
     11.4 COMPETITIVE SITUATIONS AND TRENDS
             11.4.1 PRODUCT/SERVICE LAUNCHES & UPGRADES
                       TABLE 63 KEY PRODUCT/SERVICE LAUNCHES & UPGRADES (2019−2022)
             11.4.2 DEALS
                       TABLE 64 KEY DEALS (2019−2022)

12 COMPANY PROFILES (Page No. - 99)
(Business Overview, Products & Services, Recent Developments, MnM View)*
     12.1 INTELLIGENT MEDICAL OBJECTS, INC.
             TABLE 65 INTELLIGENT MEDICAL OBJECTS, INC.: BUSINESS OVERVIEW
     12.2 WOLTERS KLUWER N.V.
             TABLE 66 WOLTERS KLUWER N.V.: BUSINESS OVERVIEW
             FIGURE 25 WOLTERS KLUWER N.V.: COMPANY SNAPSHOT (2021)
     12.3 CLINICAL ARCHITECTURE, LLC
             TABLE 67 CLINICAL ARCHITECTURE, LLC: BUSINESS OVERVIEW
     12.4 3M
             TABLE 68 3M: BUSINESS OVERVIEW
             FIGURE 26 3M: COMPANY SNAPSHOT (2021)
     12.5 APELON, INC.
             TABLE 69 APELON, INC.: BUSINESS OVERVIEW
     12.6 CARECOM
             TABLE 70 CARECOM: BUSINESS OVERVIEW
     12.7 BITAC
             TABLE 71 BITAC: BUSINESS OVERVIEW
     12.8 B2I HEALTHCARE
             TABLE 72 B2I HEALTHCARE: BUSINESS OVERVIEW
     12.9 BT CLINICAL COMPUTING
             TABLE 73 BT CLINICAL COMPUTING: BUSINESS OVERVIEW
     12.10 HIVEWORX
             TABLE 74 HIVEWORX: BUSINESS OVERVIEW

*Details on Business Overview, Products & Services, Recent Developments, MnM View might not be captured in case of unlisted companies.

13 APPENDIX (Page No. - 117)
     13.1 DISCUSSION GUIDE
     13.2 KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL
     13.3 AVAILABLE CUSTOMIZATIONS
     13.4 RELATED REPORTS
     13.5 AUTHOR DETAILS

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.

Secondary Research

This research study involved the extensive use of secondary sources; directories; databases such as Bloomberg Business, Factiva, and Wall Street Journal; white papers; and annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the medical terminology software market. It was also used to obtain important information about key players, market classification & segmentation according to industry trends, and key developments related to market perspectives. A database of the key industry leaders was also prepared using secondary research.

Primary Research

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side include CEOs, vice presidents, marketing & sales directors, business development managers, and innovation directors of terminology service and platform provider companies. Demand-side primary sources include industry experts such as personnel from provider organizations, healthcare IT vendors, and other related key opinion leaders.

A breakdown of the primary respondents is provided below:

Medical Terminology Software Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by product & services, application,  end user, and region).

Data Triangulation

After arriving at the market size, the total Medical terminology software Market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation, and market breakdown procedures were employed, wherever applicable.

Global Medical terminology software Market Size: Top-Down Approach

Medical Terminology Software Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Objectives of the Study

  • To define, describe, and forecast the medical terminology software market by product & service, application, end user, and region
  • To provide detailed information regarding the major factors influencing market growth (such as drivers, restraints, opportunities, and challenges)
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall medical terminology software market
  • To analyze market opportunities for stakeholders and provide details of the competitive landscape for market players
  • To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
  • To strategically profile key players and comprehensively analyze their product portfolios, market shares, and core competencies2 in the medical terminology software market
  • To track and analyze competitive developments such as partnerships, collaborations, acquisitions, and product launches in the medical terminology software market

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per your company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)

Geographic Analysis

  • A further breakdown of the European medical terminology software market into Germany, the UK, France, and the Rest of Europe
  • A further breakdown of the Asia Pacific medical terminology software market into Japan, Singapore, and Australia
Medical Terminology Software Market Size,  Share & Growth Report
Report Code
HIT 6988
Published ON
Jul, 2022
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